Fast ERP Inventory is a process by which a company manages and integrates the important parts of its business. An Fast ERP management information system integrates areas such as planning, purchasing, inventory, sales, marketing, finance and human resources.
What is the purpose of an ERP Inventory system?
Inventory Management does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations. Inventory is defined as the blocked Working Capital of an organization in the form of materials
A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale.
ERP management system
Fast ERP systems help you to have a proper reporting mechanism of inventory in your store and in your ware houses. This helps the manufacturing department in planning their future production schedules accordingly. It helps you to track the payments and flow of finances into your Accounts. Inventory management in an Fast ERP systems helps you avoid mistakes and take quick decisions.Fast ERP system enable the most efficient stocking methods for your inventory and help improve all the internal operations.Fast ERP system today have advanced features like double-entry inventory with no stock input, output or transformation. Other important features like Drop-shipping , Cross-docking, Multi-warehouse etc are also taken care of by Fast ERP systems.
Many small organization and retails stores are using Fast ERP software to manage their warehouse and stocks which calculates surpluses, rejections, repairs and other important planning metrics for the entire inventory.
Enterprise resource planning is an all-inclusive system that allows organizations to track their finances, logistics, operations and inventory in one place.Inventory management is critical component in Fast ERP System that can help you to manage your retail locations and your warehouses.
Inventory Planning helps to effectively accomplish master production schedule (MPS), material requirements planning (MRP), reorder-level planning and min-max level planning. You can record a range of lead times – purchase, manufacturing, packaging and shipment – for your items that helps the planning engine come up with realistic plans.Assess current and future inventory-related requirements, effectively.Ensure availability of the right levels of inventory while keeping an eye on the required stock quantity for replenishment.Quantify inventory carrying costs and make informed decisions on inventory ramp ups and downs.
Importance of ERP Inventory
The better you know your inventory, the better you can optimize prices, grow margins and maintain your bestsellers while limiting slower-selling items relative to demand. When you’re out of stock but your warehouse or distribution center has goods available, you’re missing out on sales opportunities.
Apparel inventory-management software for wholesale distribution, online retailer’s or brick-and-mortar stores can give you greater control and increase your sales opportunities.
Fast ERP software tracks a business’s resources (raw materials, cash, employees), overhead and commitments (employee payroll, purchase orders and customer orders) for individual departments and for the company as a whole.
Inventory management is critical component in Fast ERP System that can help you to manage your retail locations and your warehouses.
One of the biggest factors in cash flow management is the effective management of inventory levels because inventory is one of the largest investments a company makes. A good software solution needs to provide you with up to date information on what’s in stock, where it’s located, how much of it you sell, and when you will run out. Without this information you run the risk of stock outs and overstocks which in turn can produce inferior customer service and reduced profitability due to lost sales and high carrying costs.